Value Performance of European Bank Acquisitions

B.W. Lensink, I. Maslennikova

Research output: Contribution to journalArticleAcademicpeer-review

18 Citations (Scopus)


This article provides the first analysis of value gains to acquirers in the European bank M&A wave of 1996-2004. Using a sample of 75 publicly traded banks from 19 European countries, we document positive and statistically significant abnormal returns for the aggregate acquisition sample. Partitioning the sample with respect to product-market and geographic diversification indicates strong statistical evidence that all types of domestic deals as well as bank-to-bank cross-border deals create shareholder value. Gains to cross-border diversifying deals are insignificant.
Original languageEnglish
Pages (from-to)185-198
JournalApplied Financial Economics
Issue number3
Publication statusPublished - 2008


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